Credit Trends - Italy -
GLOBAL FORCES, LOCAL IMPACTS
IN-PERSON EVENT
Palazzo Parigi | MILANO
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Moody’s are thrilled to bring an in-person Credit Trends event to Italy in 2024. Join us to take the local view of global credit markets and gain unique insights into defaults.
Agenda
Registration & Networking
Welcome Remarks
Sovereign Fireside Chat: Focus on Italy
- Key drivers of Italian growth dynamics
- The likely trajectory for the Italian public finances
Credit Conditions
- Implications of Higher-for-Longer Rates
- 2024 sector outlook for Corporates and Banking
- New technologies to adapt to structural shifts
Networking and Coffee Break
Default & Rating Trends
Credit in an era of Exponential Risk
Closing Remarks
Networking Lunch
Close of the Event
Location
Event Details:
Venue Name: Palazzo Parigi
Address: Corso di Porta Nuova, 1 - 20121 Milano, Italy
The Credit Trends 2024 series will cover APAC (virtual), North America (virtual), UK, France, Belgium, Netherlands, Spain, Denmark, Italy, Germany, Switzerland and Sweden. Please click the links for more information on these separate events.
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Michelangelo Margaria is an Associate Managing Director with Moody’s Structured Finance Group and is based in the Milan office.
He co-leads the Consumer Surveillance team in the EMEA region and coordinates the Structured Finance activity in the Italian market. Previously, he co-lead the EMEA RMBS team and was a senior analyst rating securitization transactions backed by different asset classes in various EMEA jurisdictions.
Michelangelo Margaria also serves as Moody’s Ratings Country Manager for Italy, overseeing Moody's Ratings activities in the country. Before joining Moody’s in 2002, Michelangelo worked in the Structured Credit Group at UBS in London. Mr. Margaria graduated in engineering from the Polytechnic of Turin.
Sarah has been the lead analyst for most countries in the European Union, and is also a former lead analyst for the United States. She is currently the lead analyst for France and Italy, among other European countries. She is also one of the Sovereign Risk Group’s global spokespeople.
She joined Moody’s in 2009 after completing a Sloan Fellowship at the London Business School. Prior to this academic sabbatical, she spent seven years at the Financial Services Authority in London where she headed the regulator’s Risk Analysis area and acted as its chief macroeconomist. Before joining the FSA, she worked in Dun & Bradstreet’s Economic Analysis Group for six years, where she was the organisation’s Deputy Chief Economist.
She holds an MA in European Studies (with a concentration in Economics and Finance) from the Elliott School of International Affairs at the George Washington University in Washington, DC and an AB with a double major in Government and History from Dartmouth College in Hanover, New Hampshire in the United States. She is a CFA Charterholder and is co-chair of the Macroeconomic Committee of the CFA Society France. She is a dual citizen of the United Kingdom and the United States and is based in Paris.
Michelangelo Margaria is an Associate Managing Director with Moody’s Structured Finance Group and is based in the Milan office.
He co-leads the Consumer Surveillance team in the EMEA region and coordinates the Structured Finance activity in the Italian market. Previously, he co-lead the EMEA RMBS team and was a senior analyst rating securitization transactions backed by different asset classes in various EMEA jurisdictions.
Michelangelo Margaria also serves as Moody’s Ratings Country Manager for Italy, overseeing Moody's Ratings activities in the country. Before joining Moody’s in 2002, Michelangelo worked in the Structured Credit Group at UBS in London. Mr. Margaria graduated in engineering from the Polytechnic of Turin.
Monica Curti is a Vice President – Senior Credit Officer in Moody’s Structured Finance Group in Milan. Since joining Moody’s in March 2006 Monica has been lead analyst for structured finance transactions covering mainly ABS SME transactions in various EMEA jurisdictions. She has developed Moody’s Global Approach to Rating SME Balance Sheet Securitizations and she is also the author of various Moody’s Special Comments. Prior to joining Moody’s, Monica has been a senior statistical and credit analyst at UBS for four years (Zurich/Corporate Center), where she mainly focused on development and validation of credit scoring systems and Basel II. Before that, Monica worked as economist and Research Manager in the Swiss Economic and Labour Ministry (Bern) and at the European Commission (DGV). Monica holds a PhD degree in Economics from the University of Fribourg (Switzerland), completed at the UCL (London), and she is a certified Financial Risk Manager from the Global Association of Risk Professionals (GARP). |
Ernesto Bisagno is a Vice President – Sr Credit Officer in Moody’s Corporate Finance Group. Ernesto is the EMEA tobacco analyst and also covers the EMEA food, consumer goods and retail sectors.
Ernesto joined Moody’s in June 2014 with an extensive professional experience in risk management and credit analysis in several leading financial institutions in the UK and Italy, most recently with Citigroup and UBS where he covered energy, metals, mining and chemicals across Western Europe and the UK.
Ernesto was also a senior auditor with PWC earlier in his career. Ernesto holds an Economics degree from Università degli Studi di Genova and is also a CFA Charter Holder.
Guy Combot joined Moody’s as Vice President – Senior Analyst with the Financial Institutions Group in September 2018 and is based in our Paris office. He covers a portfolio of French and Italian banks.
Prior to joining Moody’s, Guy worked at CNP Assurances, a leading provider of life insurance in France. After joining CNP Assurances in 1998, he worked in a number of positions including the compliance unit and investment division, before starting his last role as a senior buy-side credit analyst of financial institutions in 2012.
Guy graduated from IPAG Paris Business school with a Master’s degree in Corporate Finance and holds an Accounting post-graduate degree from the Conservatoire National des Arts et Métiers.
Guy is a Financial Analyst (CIAA / EFFAS), and a member of SFAF(French Society of Financial Analysts).
Guy is a French national and speaks fluent Italian and English.
Cristiano serves as Vice President of the DeFi & Digital Assets team at Moody's Ratings. His role entails the comprehensive analysis of emerging digital financial products and services, as well as overseeing the digital transition of traditional financial entities. He possesses a solid background in risk management, acquired through his tenure in various consulting and banking institutions. Before joining Moody's, Cristiano worked two years in the decentralized finance space, thereby solidifying his proficiency in the digital finance domain.
Jorge R. Valez is a Senior Vice President at Moody’s Sovereign Risk Group based in London. He serves as lead analyst for a portfolio of sovereigns and multilateral development banks in the EMEA region. He is also a global lead in analytical projects aimed at supporting rating accuracy and thought leadership across sovereign credit risks.
Jorge joined Moody’s in 2014 in the Financial Institutions Group. He also worked at Credit Strategy and Research leading the team responsible for banking projections and stress tests globally, as well as foundational research on ratings and capital markets.
Prior to joining Moody’s, Jorge worked for a bank as a macroeconomist responsible for forecasting and scenario analysis, and as a university lecturer in Macroeconomics and Econometrics.
Jorge is a PhD in Econometrics and holds degrees in Economics and in Business Administration.
Monica is Head of the Amundi Investment Institute, which was created in February 2022. Embedded in the heart of the global investment process, the Amundi Investment Institute provides thought leadership, advice, and training for all its clients. Monica’s team offers geopolitics expertise, quantitative research, macro and market strategy and asset allocation advisory activities. She leads the creation of engaging and accessible proprietary research that delivers cross-asset thought leadership and investment strategy ideas to internal and external clients. A distinctive feature of her approach is the close collaboration that she has forged with the investment division to generate actionable investment ideas. She is also director of Amundi Japan, member of Amundi Japan and Amundi SGR Advisory Boards. Monica has led research strategy functions since 2001. Before becoming the head of the Institute, Monica was Global Head of Research, a member of the Global Investment Committee and the Advisory Board at Amundi. She was appointed Deputy Head of Group Research and a member of the Global Investment Committee of Amundi in 2017, and was responsible for defining Amundi’s investment strategy on financial markets. Prior to that, she was Global Head of Asset Allocation Research and previously Head of Quantitative Research at Pioneer Investments. Monica started her career in the investment industry in 1997 following a role as University teaching assistant for the Advanced Econometrics department at Bocconi University. Monica graduated at Bocconi University (DES). She holds a Masters’ degree in Economics (Bocconi University) and a Masters’ degree in Financial Economics from the London Business School and Bocconi University. She was selected for the UniCredit Young Talents Program and the Management and Banking Academy, obtaining an MBA award at the London Business School
Michelangelo Margaria is an Associate Managing Director with Moody’s Structured Finance Group and is based in the Milan office.
He co-leads the Consumer Surveillance team in the EMEA region and coordinates the Structured Finance activity in the Italian market. Previously, he co-lead the EMEA RMBS team and was a senior analyst rating securitization transactions backed by different asset classes in various EMEA jurisdictions.
Michelangelo Margaria also serves as Moody’s Ratings Country Manager for Italy, overseeing Moody's Ratings activities in the country. Before joining Moody’s in 2002, Michelangelo worked in the Structured Credit Group at UBS in London. Mr. Margaria graduated in engineering from the Polytechnic of Turin.
Sarah has been the lead analyst for most countries in the European Union, and is also a former lead analyst for the United States. She is currently the lead analyst for France and Italy, among other European countries. She is also one of the Sovereign Risk Group’s global spokespeople.
She joined Moody’s in 2009 after completing a Sloan Fellowship at the London Business School. Prior to this academic sabbatical, she spent seven years at the Financial Services Authority in London where she headed the regulator’s Risk Analysis area and acted as its chief macroeconomist. Before joining the FSA, she worked in Dun & Bradstreet’s Economic Analysis Group for six years, where she was the organisation’s Deputy Chief Economist.
She holds an MA in European Studies (with a concentration in Economics and Finance) from the Elliott School of International Affairs at the George Washington University in Washington, DC and an AB with a double major in Government and History from Dartmouth College in Hanover, New Hampshire in the United States. She is a CFA Charterholder and is co-chair of the Macroeconomic Committee of the CFA Society France. She is a dual citizen of the United Kingdom and the United States and is based in Paris.
Jorge R. Valez is a Senior Vice President at Moody’s Sovereign Risk Group based in London. He serves as lead analyst for a portfolio of sovereigns and multilateral development banks in the EMEA region. He is also a global lead in analytical projects aimed at supporting rating accuracy and thought leadership across sovereign credit risks.
Jorge joined Moody’s in 2014 in the Financial Institutions Group. He also worked at Credit Strategy and Research leading the team responsible for banking projections and stress tests globally, as well as foundational research on ratings and capital markets.
Prior to joining Moody’s, Jorge worked for a bank as a macroeconomist responsible for forecasting and scenario analysis, and as a university lecturer in Macroeconomics and Econometrics.
Jorge is a PhD in Econometrics and holds degrees in Economics and in Business Administration.
Monica Curti is a Vice President – Senior Credit Officer in Moody’s Structured Finance Group in Milan. Since joining Moody’s in March 2006 Monica has been lead analyst for structured finance transactions covering mainly ABS SME transactions in various EMEA jurisdictions. She has developed Moody’s Global Approach to Rating SME Balance Sheet Securitizations and she is also the author of various Moody’s Special Comments. Prior to joining Moody’s, Monica has been a senior statistical and credit analyst at UBS for four years (Zurich/Corporate Center), where she mainly focused on development and validation of credit scoring systems and Basel II. Before that, Monica worked as economist and Research Manager in the Swiss Economic and Labour Ministry (Bern) and at the European Commission (DGV). Monica holds a PhD degree in Economics from the University of Fribourg (Switzerland), completed at the UCL (London), and she is a certified Financial Risk Manager from the Global Association of Risk Professionals (GARP). |
Michelangelo Margaria is an Associate Managing Director with Moody’s Structured Finance Group and is based in the Milan office.
He co-leads the Consumer Surveillance team in the EMEA region and coordinates the Structured Finance activity in the Italian market. Previously, he co-lead the EMEA RMBS team and was a senior analyst rating securitization transactions backed by different asset classes in various EMEA jurisdictions.
Michelangelo Margaria also serves as Moody’s Ratings Country Manager for Italy, overseeing Moody's Ratings activities in the country. Before joining Moody’s in 2002, Michelangelo worked in the Structured Credit Group at UBS in London. Mr. Margaria graduated in engineering from the Polytechnic of Turin.
Ernesto Bisagno is a Vice President – Sr Credit Officer in Moody’s Corporate Finance Group. Ernesto is the EMEA tobacco analyst and also covers the EMEA food, consumer goods and retail sectors.
Ernesto joined Moody’s in June 2014 with an extensive professional experience in risk management and credit analysis in several leading financial institutions in the UK and Italy, most recently with Citigroup and UBS where he covered energy, metals, mining and chemicals across Western Europe and the UK.
Ernesto was also a senior auditor with PWC earlier in his career. Ernesto holds an Economics degree from Università degli Studi di Genova and is also a CFA Charter Holder.
Guy Combot joined Moody’s as Vice President – Senior Analyst with the Financial Institutions Group in September 2018 and is based in our Paris office. He covers a portfolio of French and Italian banks.
Prior to joining Moody’s, Guy worked at CNP Assurances, a leading provider of life insurance in France. After joining CNP Assurances in 1998, he worked in a number of positions including the compliance unit and investment division, before starting his last role as a senior buy-side credit analyst of financial institutions in 2012.
Guy graduated from IPAG Paris Business school with a Master’s degree in Corporate Finance and holds an Accounting post-graduate degree from the Conservatoire National des Arts et Métiers.
Guy is a Financial Analyst (CIAA / EFFAS), and a member of SFAF(French Society of Financial Analysts).
Guy is a French national and speaks fluent Italian and English.
Cristiano serves as Vice President of the DeFi & Digital Assets team at Moody's Ratings. His role entails the comprehensive analysis of emerging digital financial products and services, as well as overseeing the digital transition of traditional financial entities. He possesses a solid background in risk management, acquired through his tenure in various consulting and banking institutions. Before joining Moody's, Cristiano worked two years in the decentralized finance space, thereby solidifying his proficiency in the digital finance domain.
Monica is Head of the Amundi Investment Institute, which was created in February 2022. Embedded in the heart of the global investment process, the Amundi Investment Institute provides thought leadership, advice, and training for all its clients. Monica’s team offers geopolitics expertise, quantitative research, macro and market strategy and asset allocation advisory activities. She leads the creation of engaging and accessible proprietary research that delivers cross-asset thought leadership and investment strategy ideas to internal and external clients. A distinctive feature of her approach is the close collaboration that she has forged with the investment division to generate actionable investment ideas. She is also director of Amundi Japan, member of Amundi Japan and Amundi SGR Advisory Boards. Monica has led research strategy functions since 2001. Before becoming the head of the Institute, Monica was Global Head of Research, a member of the Global Investment Committee and the Advisory Board at Amundi. She was appointed Deputy Head of Group Research and a member of the Global Investment Committee of Amundi in 2017, and was responsible for defining Amundi’s investment strategy on financial markets. Prior to that, she was Global Head of Asset Allocation Research and previously Head of Quantitative Research at Pioneer Investments. Monica started her career in the investment industry in 1997 following a role as University teaching assistant for the Advanced Econometrics department at Bocconi University. Monica graduated at Bocconi University (DES). She holds a Masters’ degree in Economics (Bocconi University) and a Masters’ degree in Financial Economics from the London Business School and Bocconi University. She was selected for the UniCredit Young Talents Program and the Management and Banking Academy, obtaining an MBA award at the London Business School